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How Cohabitating Can Affect Your Finances

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BY: ANDREW STEWART

Many couples have a desire to share their lives without going through a formal marriage ceremony. Initially, it may be a matter of unpacking a few boxes, getting a key cut and living together. There may be a plan to formalize the relationship at some point. But often years can go by without ever making it “official”. The longer the arrangement lasts, the higher the stakes become – particularly if children are involved, the relationship ends, or a partner dies. For married couples, there are certain rights and obligations that are clearly defined, but this is not always the case for couples that live together.

Here’s some intriguing information:

Although marriage rates have fallen, cohabitation relationships continue to increase, between 2006 and 2011, the number of common-law couples rose 13.9%, more than four times the 3.1% increase for married couples. For the first time in 2011, the number of common-law couple families (1,567,910) surpassed the number of lone-parent families (1,527,840). As a result, common-law couples accounted for 16.7% of all census families, while lone-parent families represented 16.3%.

I call this “intriguing” not because I object, but because even I cohabitated with a girlfriend and didn’t consider the financial ramifications of what could happen only the benefits at the time. Every couple that breaks up has faced the issue of “this is yours, that’s mine” from books and music to pets and furniture. But cohabitation as you get older (and hopefully wealthier) can pose additional challenges. A couple can live together without being married. But even if they have been together for one, three, fifteen or forty years, and even if they have several children together, they are never “automatically” married. This means that, if they break up, common-law couples don’t have some of the protections married couples have.

People in common-law relationships don’t have these protections:

  • They don’t benefit from the protection of the family residence if ownership of the home or the apartment lease is in the name of one person only.
  • They don’t have a right to a division of their property if they separate.
  • One partner can’t ask for support payments from the other partner (financial support for one person in the couple who might need it).
  • The partners don’t inherit from each other if one dies without a will or if one was not named as an heir in the will.

When it comes to money, the law doesn’t recognize relationships not officially documented on paper. In order for a couple to have common-law standing in Ontario and Manitoba, they must be living together in a conjugal relationship for three years or more, or one year with a child.

Buying a House?

With mortgage rates near historic lows and home prices at all time highs, unmarried couples may decide not only to move in together but also to buy their own place. This could be a great move, but be aware of potential problems. The house belongs to the person whose name appears on the legally recorded deed. It doesn’t matter what verbal agreements were made or who paid the mortgage. So, make sure both parties are named on the deed. Also, keep this in mind: If you both apply for the mortgage, you’re both responsible for paying it — even after you break up. If both parties are on the deed as owners, but only one is on the mortgage, the one responsible for the mortgage remains responsible, even if that person has moved out and moved on.

Where there’s a will, there’s less confusion

A will is an extremely important document to have to leave property to a common-law partner after you die. If you’re unmarried and die without a will, your estate still goes to your next of kin — but that’s not your partner. If you don’t relish the idea of a parent, a sibling or some distant uncle inheriting everything, get a will.

For a lot of blended families, they want to leave their estate to their kids from the previous relationship. So, life and critical illness insurance in many cases is the solution.

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Technology

How Toronto’s Caribbean Community is Leading in Digital Innovation

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Toronto’s Caribbean community is making significant strides in the realm of digital innovation, reflecting a vibrant and dynamic force within the city’s tech sector. This burgeoning influence spans across various sectors, including technology incubation, digital education, and entrepreneurship, underscoring a profound impact on Toronto’s digital economy.

Fostering a Culture of Innovation

The Caribbean community in Toronto is actively contributing to a culture of innovation that is pivotal for the city’s future advancements. Through collaboration with local and international businesses, startups, and academic institutions, this community is part of the driving force behind Toronto’s position as a hub for innovation. The city is home to over 70 incubators, accelerators, and co-working spaces, offering programs that support startups in technology, manufacturing, food production, fashion, arts, and music.

Central to this ecosystem is the MaRS Centre, one of the world’s largest urban innovation hubs, which houses entrepreneurs building Canada’s next generation of growth companies. Toronto’s impressive tech industry, supported by giants like Microsoft, IBM, Cisco, Google, and Facebook, benefits from the diverse talents and innovative spirit of the Caribbean community​​.

Digital Education and Entrepreneurial Spirit

The Toronto Caribbean community’s commitment to digital education and entrepreneurship is evident through initiatives such as the Toronto Reference Library. This hub invites users of all ages and skill levels to explore digital creation, offering activities and workshops on topics like 3D printing, graphic novel book clubs, and crafting circles. Such programs are crucial for fostering a culture of lifelong learning and innovation, enabling community members to acquire and refine digital skills.

Contribution to the Digital Economy

In the rapidly evolving digital economy, Toronto’s Caribbean community is not just a participant but a trendsetter. This is evident in the diverse range of digital services thriving in the city, including sectors such as life sciences and healthcare. The community’s innovative spirit contributes significantly to the city’s standing as a leading North American tech hub, with a vibrant biotechnology cluster and a comprehensive network of hospitals, research institutes, business incubators, and venture capital organizations. Also, initiatives like the Caribbean Digital Summit and The LEGUP Wealth Symposium featuring leaders from Caribbean governments and the tech industry, exemplifies the community’s active engagement and leadership in digital transformation and governance on a broader scale​​.

The real-time table games in Canada exemplify the wide array of online services prospering under this innovative umbrella. This digital sector benefits from the technological advancements and entrepreneurial drive within the Caribbean community, illustrating the diverse impact on Toronto’s digital landscape.

Toronto’s Caribbean community is playing a pivotal role in shaping the city’s digital innovation landscape. Through a commitment to education, entrepreneurship, and collaboration, this vibrant community is contributing to Toronto’s reputation as a global hub for technology and innovation. The synergy between the Caribbean community and the broader tech ecosystem in Toronto is proof of the power of diversity in driving progress and creativity in the digital age.

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Technology

Jamaica’s Back-to-Back CONCACAF Gold Cup Final Appearances

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Jamaica, a small island in the Caribbean, may not be one of the first countries that come to mind when you think of soccer. However, in recent years, the Reggae Boyz have been making waves. And following the underdog stories unfolding at the current African Cup of Nations, the Jamaicans may well feel that success is just around the corner.

2024 – A Big Year For International Football

In the Ivory Coast this winter, AFCON has been making waves following the stunning early exits of almost every heavy hitter. The likes of Algeria, Tunisia, and Ghana all bowed at the group stage, while Egypt and Morocco followed them in the round of 16.

But it isn’t just Africa that has a continental competition taking place this year. Both the 2024 European Championships and Copa America will take place, tournaments that online sports betting sites have made England and Argentina the favorites to win, respectively. Caribbean involvement will have to wait until next year when the 2025 CONCACAF Gold Cup gets underway, and Jamaica will be hoping to channel their success from years gone by into action.

2015

The 2015 CONCACAF Gold Cup was held in Canada and the United States, with Jamaica competing against some of the best teams from North and Central America. Despite being underdogs in many matches, the Reggae Boyz managed to make it all the way to the final. Inspired by the performances of former Premier League wingers Jobi McAnuff and Gareth McCleary, the Caribbean outfit defeated the highly-rated Costa Rica to top Group B.

That set up a meeting with Haiti in the quarterfinals, and a goal from former Derby County man Giles Barnes was enough to secure a narrow 1-0 victory. In the semifinals, they met a much fancied United States in front of 70,000 raucous fans at the Georgia Dome. But they weren’t intimidated, racing into a two-goal lead before clinging on for dear life in the second half and eventually running out 2-1 victors. Unfortunately, they were ultimately downed 3-1 by Mexico in the final, but not before they had captured the hearts of North America.

2017

Two years later, in 2017, Jamaica once again found themselves in the final of the tournament. This time around they faced the reigning champion Mexicans in the group stage, holding them to a goalless draw. Victories against Curacao and a draw with El Salvador were enough to seal their spot in the knockout round however, they headed into the latter stages as an unfancied side once more.

In the quarterfinals, the Jamaicans duly brushed aside Canada thanks to goals from Shaun Francis and Romario Williams. That set up a meeting with Mexico once again, and this time around, they would have their redemption. Fullback Kemar Lawrence scored the only goal of the game in the 88th minute, leaving El Tri stunned and sealing the Reggae Boyz’ spot in the final.

There, they faced off against the hosting United States at Levi’s Stadium in Santa Clara, California – home of the San Francisco 49ers. The Jamaicans were hoping to repeat their heroics of two years prior and come out on top, however, this time around it was the Stars and Stripes that ran out victorious. With the contest level at one goal apiece, Seattle Sounders striker Jordan Morris popped up with an 88th-minute winner to secure the victory.

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Victim Services of Durham Region invites Ontario schools and youth to Youth Violence Prevention Symposium

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BY PAUL JUNOR

Victim Services of Durham Region (VSDR) is committed to educating and informing young people with the knowledge and education they need to make informed decisions regarding critical issues that affect their lives.

In order to fulfill its mission, it will be hosting its annual online Youth Violence Prevention (YVP) Symposium. It will take place over a two-week period on Monday, February 26th and Friday, March 8th, 2024.It will be geared to Grades: 7, 8 and 9 students who will be able to access it using the online learning platform, Learn Worlds.

VSDR has been active over the years in the Durham Region where it has provided a range of services to help those affected and impacted by crime, or sudden tragedies. It is the only one of its kind that offers specialized services and support 24/7, 365 days per year to these individuals.

Their vision is to have a safe community where people are supported, empowered and thriving. The press release states that they provide trauma-informed, anti-oppressive crisis intervention services, including emotional support, safety planning, and financial assistance. In addition, there are translation services available in over 300 languages to those who need them. Case management services are also available, which assist individuals to bypass bureaucratic roadblocks with available:

subsidized housing, income support, medical and police services.

VSDR provides tailored support to survivors and witnesses of all crimes; 85% of its clients have experienced gender-based violence, including: survivors of intimate partner violence, sexual assault and human trafficking.

Some of the programs VSDR offers are:

  • Crisis Response
  • System Navigation
  • Victim Quick Response Program
  • Human Trafficking Prevention/Intervention
  • Youth Prevention Workshops
  • Professional Training
  • Hotel Staff Training

The symposium will consist of accessible online modules that will be broken down into educational content, specific videos and in-class activities that are grade specific and align with curriculum targets. The six modules per grade are:

  • Consent & Healthy Relationships
  • Human Trafficking
  • Online Safety, Cyber Bullying and Image Sharing
  • Teen Dating Violence
  • Gang Violence & Peer Violence
  • Empowerment & Self-Care

The following are aims of the symposium:

  • Protect and empower young people.
  • Engage with issues like human trafficking, consent, healthy relationship, sextortion, teen dating violence, gang awareness, and cyber safety.
  • Provide insights on vulnerabilities and risk factors through activities and presentations.

Through partnerships with schools and educators it has been possible to:

  • Provide interactive online modules, games and videos.
  • Focus on learning in a safe setting.
  • Information on where to seek support provided on the event day and beyond.

Since 2020, the annual Violence Prevention Symposium has made a significant impact in the lives of young people as its program evolves from just focusing on Anti-Human Trafficking to issues that reflect emerging youth trends.

Some of the Impactful Results are:

  • Youth knowledge increased from 35% to 97%
  • Over 300% decrease in the number of youths educated since 2020
  • 48 disclosures received in 2023 as a result of symposium education.

VSDR is anticipating great things from the 2024 symposium. They will continue to adapt and adjust the programs and services they deliver in light of the changing landscape and rapidly evolving world of teenagers.

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